Funding prospects improve for periphery banks
The FIG market is shaping up to be a welcoming place for periphery banks when the summer ends, and some syndicate desks are urging southern European borrowers to look at the market earlier than that.
Having pushed above 5% in late June, the Spanish government’s 10 year benchmark is now trading close to 4.5%. Over the same period, the Italian 10 year yield has dropped from above 4.8% to around 4.2%.That sovereign rally has pulled bank spreads in. Adding to the effect ...
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